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Every sale, every purchase, and every payment at the toy store creates a financial entry in the system. The Accounting section of Bizaxl keeps these entries organised, ensures your books balance, and gives you the financial reports you need to understand how the business is performing. This section covers payment recording, reconciliation, and the financial reports most useful for a toy store.
Accounting overview showing payment entries, general ledger, and financial reports

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Who Uses This Feature

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Before You Start

  • The Chart of Accounts must be set up for the company (Bizaxl Toy store).
  • The Fiscal Year must be active.
  • Bank accounts and cash accounts must be created in the Chart of Accounts.

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Recording a Payment from a Customer (Receivable)

When a B2B customer pays their invoice by bank transfer or cheque:
  1. Go to Receivables Workspace or Accounting Workspace and click Payment Entry.
  2. Click New.
  3. Set Payment Type to Receive.
  4. Select the Customer.
  5. Set the Mode of Payment (bank transfer, cheque, online payment).
  6. Enter the Amount Paid.
  7. In the Allocated Against section, select the open Sales Invoice(s) this payment covers.
  8. Click Submit.
The invoice balance is reduced by the payment amount. If the payment fully covers the invoice, the invoice is marked as paid.
Payment Entry form set to Receive type, showing customer, amount, and invoice allocation

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Recording a Payment to a Supplier (Payable)

When you pay a supplier:
  1. Go to Payables Workspace or Accounting Workspace and click Payment Entry.
  2. Click New.
  3. Set Payment Type to Pay.
  4. Select the Supplier.
  5. Set the Mode of Payment (bank transfer or cheque).
  6. Enter the Amount Paid.
  7. In the Allocated Against section, select the Purchase Invoice(s) being paid.
  8. Click Submit.
The supplier’s outstanding balance is reduced.
Payment Entry form set to Pay type, showing supplier, amount, and invoice allocation

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Payment Reconciliation

Sometimes payments arrive without a clear reference, or a customer pays multiple invoices with a single transfer. The Payment Reconciliation tool helps you match payments to invoices.
  1. Go to Receivables Workspace and click Payment Reconciliation.
  2. Select the Party Type (Customer) and the Customer.
  3. Click Get Unreconciled Entries.
  4. Match payments against invoices by clicking Allocate.
  5. Click Reconcile.
The same process works for suppliers under the Payables Workspace.

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Journal Entries

Journal Entries are manual accounting adjustments. Use them for entries that do not fit into a standard transaction - such as depreciation, write-offs, bank charges, or opening balance entries.
  1. Go to Accounting Workspace and click Journal Entry.
  2. Click New.
  3. Select the Voucher Type (Journal Entry, Bank Entry, etc.).
  4. Add rows for each account, with debit or credit amounts.
  5. Verify that total debits equal total credits.
  6. Click Submit.

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Workflow Journey

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Reports and Monitoring

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Accounting Workspace Number Cards

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Home Workspace Number Cards

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Receivables Workspace Reports

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Payables Workspace Reports

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Financial Reports Workspace

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Dashboard Charts (Accounting)

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Automatic Actions

When a POS Invoice is submitted:
  • Debit: Cash/Card/UPI account (depending on payment mode)
  • Credit: Sales account + GST Payable account
  • Stock entry: deducts from Main Store
When a Sales Invoice is submitted:
  • Debit: Accounts Receivable (Customer account)
  • Credit: Sales account + GST Payable account
When a Purchase Invoice is submitted:
  • Debit: Purchase account + GST Input Credit account
  • Credit: Accounts Payable (Supplier account)
When a Payment Entry (Receive) is submitted:
  • Debit: Bank/Cash account
  • Credit: Accounts Receivable (Customer account)
When a Payment Entry (Pay) is submitted:
  • Debit: Accounts Payable (Supplier account)
  • Credit: Bank/Cash account

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Best Practices

  • Reconcile receipts within 2-3 days of the bank statement. If a customer payment hits the bank account on Monday but is not recorded in the system until Friday, your accounts receivable will show it as overdue for 4 days unnecessarily.
  • Never leave “Purchase Orders to Bill” growing unchecked. Unprocessed purchase invoices understate your liabilities. Review and process them within 7 days of the delivery.
  • Run the Accounts Receivable Ageing report every Monday. Any invoice beyond 30 days should be followed up with the customer. Beyond 60 days, escalate to the store manager.
  • Use the Cash Balance number card, not the physical till count, as your reference. If the Cash Balance on screen does not match the physical cash, trace the discrepancy through the Payment Entry list and POS Closing Entries.
  • Do not use Journal Entries for regular transactions. Journal Entries are for adjustments and corrections, not for recording sales or purchases. Using journals for regular transactions bypasses GST calculation and stock impact.
  • Run a Trial Balance before filing GST returns. If the Trial Balance does not balance, there is a problem in the accounts that must be fixed before returns are filed.

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Troubleshooting

The Cash Balance number card shows a different amount from what is in the till. Run the General Ledger for the cash account and trace every entry. Look for any incorrect payment mode entries on POS Invoices (e.g., recorded as cash but was UPI). An invoice is showing as unpaid even though the customer paid. Check if a Payment Entry was created and submitted for this customer. If so, go to Payment Reconciliation and allocate the payment against the invoice. I cannot submit a Payment Entry - it shows a validation error. The most common cause is that the payment amount exceeds the outstanding invoice balance. Check the invoice status and the payment amount. The Trial Balance is not balancing. Look for submitted Journal Entries where debits do not equal credits, or transactions that were manually reversed incorrectly. The General Ledger will show the problem entries.